The figures

The bank reported revenue net of interest expense of $20.4bn (£15.4bn) for its second quarter of 2016, down from $22bn in the same period the year before. Revenue on a fully taxable-equivalent basis, meanwhile, came in at $20.6bn.

Only the elusively named "all other" category reported a fall in net income, swinging from a $781m profit in quarter two of 2015 to a $815m loss in the most recent quarter. The bank blamed the reversal of fortunes partly on lower gains on consumer property loans and higher litigation costs.

What Bank of America said

"We had another solid quarter in a challenging environment," said Brian Moynihan, Bank of America's chief executive. "Our responsible growth strategy led to improved customer and client activity, and each of our four business segments reported higher earnings than the year-ago quarter.

"We also moved closer to our longer-term performance targets. We continued to invest in core growth areas and to manage expenses, which were down three percent year over year to a level not seen since 2008."

Paul Donofrio, finance chief, added: "We increased adjusted net interest income year over year in a difficult rate environment by growing deposits and loans within our risk and customer frameworks. That, coupled with a relentless focus on costs, drove improved operating leverage across all four of our business segments."

In short

It may not look great on paper but it's better than what was hoped for.